It was not.
The San Francisco company, which describes its news discussion forums as “the front page of the Internet,” said it spent its entire marketing budget on the “Don’t Blink” ad. It started as a car commercial simulation and then quickly changed to what looked like a post on the Reddit website, with an orange background and a white block that contained a message.
Here’s what the message said: “Wow, this really worked. If you are reading this, it means that our bet was worth it. Ads for big games are expensive, so we couldn’t buy a complete one. But we were inspired and decided to spend our entire marketing budget on five seconds of transmission.
“One thing we learned from our communities last week is that underdogs can do just about anything when they come together around a common idea. Who knows, maybe you are the reason why finance textbooks have to add a chapter on ‘trends’. Perhaps you will help r / SuperbOwl to teach the world the majesty of owls. You may even pause this 5-second ad. Powerful things happen when people come together around something that really matters. And there is a place for that. It’s called Reddit. “
The commercial was a tribute to users of the Reddit r / WallStreetBets group, which helped boost the actions of the video game fighter GameStop. The change caused hedge funds and other Wall Street investors who had gambled against GameStop to lose large sums of money and shook the broader market.
Many Reddit users have characterized their moves as revenge against the financial elite.
“This is to get us to work on Thanksgiving until Black Friday at 9:50 am,” wrote a Reddit user, according to the Associated Press.
In a statement, Reddit’s marketing director, Roxy Young, said it was “exciting” that people were learning and being interested in the “power of Reddit’s online communities”.
“Our announcement at the Super Bowl was a huge effort by many hardworking people who got an impactful 5-second ad – which is not an easy task – in just a few days,” said Young. “This announcement is a celebration of the Reddit communities and a timely reminder that when people come together around their passion, powerful things can happen.”
Reddit said it does not comment on budget details, but those five seconds have undoubtedly come at a high price. CBS, which aired this year’s Super Bowl, “practically sold out” its ads for the big game, according to Variety. In 2021, a 30-second commercial spot in the game cost about $ 5.5 million. The same period cost about $ 5.6 million in 2020, according to The Hollywood Reporter.
Reddit said on Friday that it raised another $ 250 million from investors. Reports said the new financing valued the company at $ 6 billion. It was unclear why the company, which makes money from selling corporate advertising and premium features to users, allocates so little money to marketing.
Jessica Flores is a writer for the San Francisco Chronicle. Email: [email protected] Twitter: @jesssmflores